UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
The disclosure, dated April 26, provides the clearest insight yet into UBS's thinking and shows it had been looking at its struggling competitor months before the rescue deal orchestrated by Swiss authorities was put together.Credit Suisse for 3 billion Swiss francs and said it would assume up to 5 billion francs in losses, as part of a rescue that is backed by as much as 250 billion francs of state support.
They stepped in after clients, unsettled by market turmoil unleashed by the collapse of two mid-sized U.S. lenders, kept pulling money from the scandal-plagued 167-year-old institution., saying it had been quick to respond and called for more powers to call banks to account. Addressing a financial conference in Zurich on Wednesday, UBS Chief Executive Sergio Ermotti said the bankUBS said in the filing that the merger still required approval from regulators in the European Union, India, Japan, Mexico and South Korea.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS weighed Credit Suisse deal as early as December - SEC filingUBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
Read more »
UBS wary of buying Credit Suisse in February, wanted more analysis - SEC filingUBS said it had concluded in February that buying its stricken rival Credit Suisse was not desirable, but that it should prepare in case the lender encountered 'serious financial difficulties'.
Read more »
U.S. Supreme Court to examine whistleblower claims against financial firms in UBS caseThe U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland's UBS Group AG .
Read more »
Buy this renewable energy stock that has as much as 47% upside, UBS saysUBS is initiating coverage of renewable energy company Ameresco with a buy rating, saying the firm stands to benefit from the Inflation Reduction Act.
Read more »
Do stagnant California credit scores suggest consumer struggles?California’s 721 average credit score in 2022, unchanged in a year, ranked 25th among the states.
Read more »
US says 20,000 Russians killed in Ukraine war since DecemberThe White House says it now estimates that just since December Russia has suffered 100,000 casualties, including 20,000 killed, as Ukraine has rebuffed a heavy-assault in eastern Ukraine. In what has become a grinding war of attrition, the fiercest battles have been in the eastern Donetsk region, where Russia is struggling to encircle the city of Bakhmut in the face of dogged Ukrainian defense. White House National Security Council spokesman John Kirby says the U.S. estimate is based on newly declassified American intelligence. He did not detail how the intelligence community derived the number.
Read more »